Pick of the Day: EUR/JPY

(Click on chart to enlarge)

The EURJPY is making lower lows on the 1 hour chart. I like a short trade at or below the 50 SMA (142.00). I drew the Fib line to show 3 points of resistance: 50 SMA, 50% Fib line, and the pivot point. Plus the pair is already below the pivot point, so there is a tendency already to go short.

I’m going to place my stop at 142.18, right above the 61% retracement line. As usual, I’m going for 10 pips.

My aggressive target will be at 141.64, the S2 area. Good luck and good trading!